June 10, 2021/Proshare by FBNQuest Research 4.5% cut to our EPS estimates over the ’21-23f period trigger rating downgrade to Neutral UACN’s Q1 ’21 results showed that heavy-weighted Grand Cereal, a sub-division of the animal feeds division, and the paints division missed our forecasts by -2.6% and -17.6% respectively. From […]
Results & Dividends
Nestle Nigeria Q1 2021 Results Review: Decent Fundamentals But Tough Operating Conditions
June 7, 2021/Proshare by FBNQuest Research 2% upgrade to our EPS estimates over the ’21-23f period; Neutral rating maintained Nestle Q1 ’21 earnings grew 11% y/y to NGN12.4bn, supported by 26% y/y and 24% y/y increases in food and beverage sales respectively. Based on our market survey, an increase in […]
Dangote Sugar Refinery Q1 2021 Results Review: Riding on Supportive Conditions
June 4, 2021/Proshare by FBNQuest Research 13% upgrade to our EPS estimates over the ’21-23f period; Neutral rating maintained Following Dangote Sugar Refinery’s (DSR) better-than-expected results in Q1 ’21, we have upgraded our EPS estimates over ’21-23f period by 12.8% on average to reflect the improvement in fundamentals. Nonetheless, we […]
